The final piece of the puzzle for Googong’s town centre has been lined up following the sale of a 1.184-hectare site.
The retail development site sold for $8.75 million – equating to about $739 per square metre – to private development company Stevens Group, and slots in next to the planned Googong Central Town Centre.
The company beat nine other offers for the site.
“Retail development sites within underserviced catchments such as Googong continue to command strong interest from developers, with MTA retail spending projected to increase at an average annual growth rate of 11.2 per cent,” Colliers agent Matthew Winter said.
Googong’s population is forecast to grow at an average annual rate of 6.1 per cent through to 2035, increasing the need and demand for more retail facilities and services in the town.
Googong had a population of 7444 people as of the 2021 Census.
The Stevens Group proposal includes infrastructure for a service station, fast-food sites and a childcare centre alongside specialised retail.
“Stevens Group is excited to partner with Mirvac and Peet to deliver a state-of-the-art retail development to their Googong township project,” Stevens Group development director Jason Capuano said.
The retail development site will be alongside the greater town centre, which will contain a Coles supermarket, a medical centre, a gym, a library and a community centre, as well as a new pub and entertainment facility.
Total construction costs for the Googong Town Centre development – which encompasses the main centre, retail development site and the Googong Hotel – are expected to exceed $82m.
Development across all three sites is estimated to create about 345 construction jobs and 640 permanent jobs upon completion.
Construction is slated to begin in the second half of this year, with the Googong Town Centre expected to open in 2025.